Morien Resources Corp. · TSXV:MOX
Morien Resources — PDAC 2026
31 slides from Morien Resources's conference presentation, April 2026
Slide 1: A Royalty Company Built on Steel & Concrete
WA Morien A ROYALTY COMPANY BUILT ON STEEL & CONCRETE TSX-V:MOX MORIENRES.COM
Slide 2: Table of Contents
Table of Contents Royalty Platform • Corporate Overview 04 Status Update • Donkin Steelmaking Coal Mine 08 Strategic Operating Alliance • Carver Companies 14 Flagship Growth Project • Lazy Head Aggregate Project 18 Permitted Asset • Black Point Aggregate Project 23 The Case for Morien • Capital Disc
Slide 3: Disclaimer
Disclaimer The information in this presentation is provided as of February 2026, for information purposes only, and may constitute "forward- looking information" as defined under applicable securities laws. All statements in this presentation other than statements of historical fact, including those
Slide 4: The Morien Model
The Morien Model Partner-Driven Growth Large operators (Cline, Carver, Vulcan) build and operate; Morien retains royalty exposure. Capital-Light Structure No operating risk, minimal dilution, no debt. Long-Life Assets 25-90+ year projects in stable jurisdictions. Bulk Commodity Focus Steelmaking coa
Slide 5: Morien - A Royalty Generator
Morien - A Royalty Generator DONKIN MINE • Commodity: Steel Coal • Status: Idled, For Sale • Operator: Cline Group • Mine Life: 25-years LAZY HEAD • Commodity: Aggregate • Status: Permitting Phase • Operator: Carver Companies • Mine Life: 92-years BLACK POINT • Commodity: Aggregate • Status: Fully P
Slide 6: Corporate Leadership
Corporate Leadership John Budreski Dawson Brisco Susanne Willett Mary Ritchie Beau White Executive Chairman Director, President, Chief Financial Director, Audit Director CEO Officer Chair CPA, CA (royalty Capital Markets and Professional geologist Qualified CPA, CA FCPA, CPA (extensive finance and e
Slide 7: Corporate Snapshot
Corporate Snapshot Capital Structure Ownership TSX-V: MOX As of Q1-2026 Institutional The Cline Basic shares o/s 60.2 mln Morien Mgmt Group Options 2.1 mln & Directors Carver 8% 11% 10% Companies Warrants nil 4% Family Fully diluted shares o/s 62.3 mln 5% Offices Share price $0.20 52-week low / high
Slide 8: Donkin Coal Mine
Donkin Coal Mine 8
Slide 9: The Donkin Mine
XXXXXXXX The Donkin Mine The Cline Group $300+ Million 25 Years Owner/Operator Capital Investment Mine Life 1 Underground Met & Thermal Coal 2% to 4% Mine Type Product Mix Morien Royalty 2 9
Slide 10: Coal Export Terminal - Sydney, Cape Breton
XXXXXXXX Coal Export Terminal - Sydney, Cape Breton WORLD-CLASS PORT WITH WORLD-CLASS ACCESS Short, 30-kilometre truck haul from Donkin mine to Sydney port Completion of $4.5 mln Canadian Coast Guard project to upgrade Harbour infrastructure to support larger Capesize vessels Port recently acquired
Slide 11: Donkin Status Update
Donkin Status Update ▪ In July 2025, The Cline Group notified Morien of its intent to explore a sale of its 100% ownership in the Donkin Mine. ▪ U.S.-based investment bank Perella Weinberg Partners has been retained to manage the sale process. ▪ As of the date of this presentation, the sales process
Slide 12: High Value Donkin Royalty
High Value Donkin Royalty Morien Royalty Morien Royalty @ 1 Million Tonnes Per Year 3 @ 3 Million Tonnes Per Year 3 Annual, $ CAD, Millions Annual, $ CAD, Millions $8 $25 $6 $20 $23 $6 $15 $4 $15 $4 $10 $2 $5 $7 $2 $0 $0 $100/t $200/t $300/t $100/t $200/t $300/t Coal Price (CAD $ per tonne) Coal Pri
Slide 13: Coal's Staying Power
Coal’s Staying Power 90% 120 mln Tonnes Record Demand 90% of all metal produced in Projected steel coal gap in The world consumed 8.8 billion the world in 2025 was steel supply-demand by 2040 tonnes of coal in 2025, a fifth, consecutive all-time high Essential 300 mln Tonnes It takes 0.7 tonnes of s
Slide 14: Strategic Alliance With Carver Companies
Strategic Alliance With Carver Companies 14
Slide 15: Strategic Alliance with Carver Companies
Strategic Alliance with Carver Companies ▪ Announced in mid 2025 to jointly identify and permit long-life crushed stone opportunities in Atlantic Canada. ▪ Capitalizes on Atlantic Canada’s strategic location, deep-water access, and high- quality stone resources to meet rising infrastructure demands
Slide 16: Our Partner: Carver Companies
Our Partner: Carver Companies ▪ Private, family-owned company founded in 1988 ▪ Three operating arms: Construction, Maritime and Materials. ▪ 1,000 employees, 95% in operations, 5% supportive/executive roles. ▪ Owner of six port terminals along U.S. East Coast and Gulf region. ▪ Own and operate the
Slide 17: Carver's U.S. Port Advantage
Carver’s U.S. Port Advantage Lazy Head Coeymans Port, NY Bayside Quarry Coeymans Port NYC Port Brayton Point Brayton Point Port, MA Charleston Port, SC New York Port, NYC Charleston Port Savannah Port Manatee Port Savannah Port, GA Manatee Port, SC 17
Slide 18: Lazy Head Aggregate Project
Lazy Head Aggregate Project 18
Slide 19: Lazy Head Aggregate Project
Lazy Head Aggregate Project Carver Companies $175+ Million 92 Years Owner/Operator Project Capex Mine Life 4 Open Pit Construction Aggregate Per Tonne Mine Type Product Morien Royalty 5 19
Slide 20: Lazy Head - Discovery and Advancement
Lazy Head - Discovery and Advancement ▪ Large-scale, high-quality granite resource opportunity discovered by Morien in 2024 ▪ Carver and Morien jointly advancing project toward development ▪ Progressing through regulatory and stakeholder process ▪ Deep-water access for marine export to Carver ’s ter
Slide 21: Why Lazy Head is Different
Why Lazy Head is Different 1. Setting the new standard with the first fully enclosed quarry processing plant in North America to mitigate dust, noise and light pollution 2. Taking noise attenuation and site lines even further by excavating the processing plant footprint into a large depression to fu
Slide 22: Lazy Head - Progress Across All Fronts
Lazy Head - Progress Across All Fronts Surveys & Studies Engagement Technical Work ▪ Archaeological Resource Impact ▪ Ongoing engagement with First ▪ Maiden drilling program Assessment completed Nation groups completed ▪ Mi’kmaq Ecological Knowledge ▪ Ongoing liaison with Fisheries ▪ Drill core labo
Slide 23: Black Point Aggregate Project
Black Point Aggregate Project 23
Slide 24: Black Point Aggregate Project
Black Point Aggregate Project Vulcan Materials $120 Million 75-Years Owner/Operator Capital Cost Mine Life 6 2025/26 U.S. East Coast Per-Tonne Potential Construction Start Target Market Morien Royalty 5
Slide 25: Vulcan Materials Snapshot
Vulcan Materials Snapshot ▪ Headquartered in Birmingham, Alabama ▪ 12,000 employees at >400 aggregate facilities ▪ Largest aggregate producer in the U.S.; sold 227 million tonnes in 2025 ▪ C$55 billion market cap ▪ C$8 billion total revenues in 2024 ▪ Included in the 2025 Fortune 500 25
Slide 26: Black Point Snapshot
Black Point Snapshot ▪ Estimated granite resource exceeds 250 million tonnes 6 ▪ Granite is high-quality “Class-A” construction aggregate ▪ Mine life of 75 years 6 ▪ Very limited overburden ▪ Property sits on deep water ▪ Project contemplates a 5 to 7.5 mln tonne per year quarry and deep-water marin
Slide 27: The Case For Morien Resources Corp.
The Case For Morien Resources Corp. 27
Slide 28: Unique Level of Shareholder Alignment
Unique Level of Shareholder Alignment Capital Allocation Model Going Forward Simplified model for illustrative purposes Dividend • To be paid quarterly • Shall increase commensurate with increased royalties from the Donkin Mine and/or crushed stone projects Treasury Regrowth • Capital preservation •
Slide 29: Morien is More Business Than Mining
Morien is More Business Than Mining Cash-In, Cash-Out Model Clear track record of wealth redistribution to shareholders; dividends and buy backs Shareholder Alignment 11% ownership, low corporate overheads, and no debt High Demand Sectors Bulk commodities; steel coal and aggregate (high demand, limi
Slide 30: Footnotes
Footnotes 1. Technical disclosures are consistent with the information in the Donkin technical report titled “Technical Report, Donkin Coal Project, Cape Breton, Nova Scotia, Canada” dated Nov 2012, found on Morien’s SEDAR profile. Note that the approximation of capital spent at Donkin based on in-p
Slide 31: Contact
MOX Contact: Dawson C. Brisco President and CEO dbrisco@morienres.com 902-403-3149